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Colonial Tops $135M for '02 with Sale of Two Centers

BIRMINGHAM, AL-The REIT completes two complex deals, selling majority interests in a pair of Alabama shopping centers. Proceeds from the transactions will be used to pay down the company's revolving line of credit.

By Glen Thompson | Updated on December 27, 2002

BIRMINGHAM, AL-Diversified REIT Colonial Properties Trust, based here, has sold off majority interests in two Alabama shopping centers. Proceeds from the complex transactions will be used to pare down debt on the company’s revolving credit line.

“The company has generated over $135 million through asset dispositions this year, with the closing of these transactions,” says Thomas H. Lowder, chairman and chief executive officer of Colonial Properties Trust. “As a diversified property portfolio, our company maintains the flexibility to recycle assets and reinvest the proceeds into new opportunities in other sectors.” Colonial officials would not reveal financial details of the two recent transactions to GlobeSt.com.

Colonial has sold half of its 50% interest in Colonial Promenade Madison, a 111,000-sf center located near Huntsville, AL, to Columbus, OH-based Nationwide Mutual Insurance Co. In a simultaneous transaction, Winchester Commons LLC, Colonial’s partner, sold half of its 50% interest in the property to Nationwide. The result of the two concurrent deals leaves Nationwide with a 50% stake in the property while Colonial and Winchester retain 25% each.

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